Cryptocurrency perpetual futures (also known as perpetual swaps or perpetual contracts) are gaining momentum in the United States, raising concerns about risks for retail traders.

Max Branzburg, head of consumer products at Coinbase, announced on June 13 that the exchange plans to launch perpetual futures compliant with the U.S. Commodity Futures Trading Commission (CFTC) regulations for U.S. customers. Although BitMEX first introduced cryptocurrency perpetual futures back in 2016, U.S. customers and exchanges have been unable to access them.

One of the main reasons U.S. financial regulators have taken action against exchanges offering perpetual futures is the high-risk nature of these contracts.

However, recent changes in federal regulatory guidelines following the election of President Trump may alter this situation.

Cryptocurrency perpetual futures contracts allow investors to speculate on the future prices of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Regular futures have expiration dates, but perpetual futures—by definition—can be held indefinitely.

One of the main concerns regarding risk is that perpetual futures traders can highly leverage their positions, sometimes up to 100 times. This allows traders to hold larger positions with a small amount of capital. For example, using 10x leverage, a trader with $1,000 can hold a $10,000 position.

Perpetual futures can be an effective hedging tool, providing users with flexibility to enter or exit positions, not to mention the higher returns gained through leverage—but they are also very risky.

Fenni Kang, a cryptocurrency quantitative trader and chief strategist at the cryptocurrency exchange Coincall, wrote: "For the average user, especially those without a solid trading or risk management background, perpetual futures can be a ticking time bomb."

If the market declines and prices fall below the trader's maintenance margin, the trader's position may be quickly liquidated.

Kang told Cointelegraph: "Some traders are unfamiliar with the concepts of margin or risk management. They may overuse margin and could be liquidated due to maintenance margin calls, even if their market view is correct."

Even small price fluctuations can wipe out a trader's position. A 5% drop in a position with 20x leverage would lead to liquidation, causing the trader to lose their entire initial investment.

In 2023, due to risk considerations, the CFTC issued a consultation note stating that companies offering derivatives such as perpetual futures should expect to face stricter scrutiny. They specifically highlighted "issues related to systemic safeguards, physical delivery procedures, and conflicts of interest."

Cryptocurrency journalist Veronica Irwin wrote in a newsletter on June 18: "During the (Biden) administration, the CFTC has been doggedly pursuing companies supporting perpetual futures." She noted that the CFTC has taken action against exchanges like Kraken, Binance, and KuCoin for offering products "essentially similar" to perpetual futures.

However, the CFTC's guidelines seem to be changing.

Under the Trump administration, the rules for the U.S. cryptocurrency industry are rapidly evolving, with the U.S. Securities and Exchange Commission (SEC) withdrawing enforcement actions, and the CFTC appearing more open to perpetual swaps.

In March 2025, the CFTC withdrew the aforementioned consultation note to "ensure it does not imply that its regulatory treatment of digital asset derivatives differs from its treatment of other products."

On April 21, the CFTC opened public commentary on perpetual futures and derivatives markets. Acting Chair Caroline Pham stated: "The CFTC is going back to basics and seeking public input on perpetual contracts, which have generated significant interest from exchanges and market participants."

As Irwin pointed out, just two days later, the CFTC-regulated designated contract market (DCM) Bitnomial self-certified a legitimate perpetual futures contract.

Reportedly, Pham stated at the Piper Sandler Global Exchanges and Trading Conference: "We are not waiting for perpetual futures to go live; they are already live. They have been live on Bitnomial… They have been working with the CFTC and our staff for over a year discussing methodology, pricing, and funding arrangements."

Under the Commodity Exchange Act, DCMs can self-certify derivative products by submitting a prospectus to the CFTC.

A CFTC spokesperson told Cointelegraph that the agency will check whether the product "meets all requirements of the Commodity Exchange Act and relevant CFTC regulations." It will also examine whether the proposed product is not easily manipulable and whether there are customer protection measures in place.

If the CFTC does not raise objections within the specified timeframe, the product is approved.

Greg Tusar, Vice President of Product Management at Coinbase, stated that his company has been in contact with the commission regarding products similar to perpetual futures. At a Morgan Stanley conference on June 10, Tusar mentioned that the exchange "has been working with the CFTC to replicate many of these features," such as having no expiration date.

"We have a product design that is now close to implementation, and we will announce the date soon," he said.

Perpetual derivatives account for a significant share of the cryptocurrency market. Kaiko research analyst Adam McCarthy told Bloomberg in April: "Essentially, the perpetual futures market has been several orders of magnitude larger than the daily spot market… Perpetual futures have indeed been the core and soul of the cryptocurrency market over the past decade."

According to CoinMarketCap, as of June 20, the open interest in cryptocurrency perpetual futures was $704 billion.

Whether U.S. cryptocurrency exchanges receive the green light for individual products or clear guidelines from the new chair, some analysts believe that retail investors will provide most of the demand.

Chris Newhouse, research director at digital asset venture fund Cumberland Labs, stated: "For passive investors, I don't think this is a large product for them… It will be active traders, active market participants, like some retail investors."

Related: Reports indicate that cryptocurrency hedge fund executives plan to raise $100 million for BNB reserve tools.

Original article: “High Risk, High Reward: Cryptocurrency Perpetual Futures Gain Momentum in the United States”

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